| Sovereign Wealth Funds generated in the 1950 s. They won a relatively rapid development in the 21 st century. The emergence of Sovereign Wealth Funds was benefited by the growing foreign exchange reserves of their home countries. Most of these reserves was from the national income gained by the export of oil and other strategic resources or the international trade surplus.As one investor of the international financial market, Sovereign Wealth Funds is quite active in recent years. They have received a widespread attention from the international community. This is mainly due to its rapid expansion of number and scale, the special government background, as well as their characteristics which different from other investors. These qualities is not specific to the Sovereign Wealth Funds, but when they aggregated in one investor, it would aroused the anxiety of the international community. Based on the current situation of the investment activities of Sovereign Wealth Funds, the first chapter in this paper revealed the investors’ characteristics and its influence. The description of this chapter foreshadowing the analysis below.The emergence of the Sovereign Wealth Funds were in a certain historic and realistic environment. To give an accurate explanation of the various factors affecting the development of the Sovereign Wealth Funds, we should analyze the relationship between the Funds and the post-war global economic imbalance start with the analysis of the political and economic environment which the Funds generated in. Only when we have a comprehensive understanding of the main concerns of the international community, can we make a well theoretical preparation for the international regulatory of Sovereign Wealth Funds. This is the significance of the second chapter.Based on the economic analysis above, we know that it is necessary to have an international regulation on Sovereign Wealth Funds. The theoretical analysis results can be well applied to the international regulation. So far, a basic international regulation framework of the Sovereign Wealth Funds has been formed. Through the discussion of these international agreements or documents, we can see that the international community has made great efforts in the regulatory, and their attitude towards sovereign wealth funds are friendly. From the third chapter we can get certain inspiration, which can be used to predict the direction of the international regulatory in the future.China also founded our own Sovereign Wealth Fund in 2007- China Investment Company(CIC). The fourth chapter has a deep discussion of the origin of China’s Sovereign Wealth Fund. In this chapter, I revealed the process of the use direction of China’s sovereign wealth from domestic to abroad and the emergence of CIC. At last of the paper, I gave my own advices to the development and the international participation of CIC, this made the paper a strong practical sense. |
PDF Full Text Request